2004.01.27_FAB_Minutes_RegularFINANCIAL ADVISORY BOARD
REGULAR MEETING
MINUTES
Tuesday, January 27, 2004 2:30 P.M.
Vice -Chair John R. DeMarco called the Meeting to order at 9:30 A.M. in the Town
Commission Chambers. Also in attendance were Members Alan Teller, new members
Max Angel, James W. Newill and Anthony Philosophos. Town Manager Ben Saag,
Finance Director Stan Novak, and members of the general public were also present.
APPROVAL OF MINUTES
Upon MOTION by MR. TELLER/MR. DeMARCO, the minutes of the August 12, 2003
Meeting were unanimously approved.
NEW BUSINESS
Election of officers for 2004 was held with MOTION by Mr. Newill/Mr. Teller to nominate
John DeMarco as Chairman and MOTION by Mr. DeMarco/Mr. Angel to nominate Alan
Teller as Vice -chair. Motions met with unanimous vote.
• New members Max Angel, Jim Newill and Anthony Philosophos introduced themselves
to the board members and offered some background on themselves.
Town Manager Ben Saag offered an overview of the Board, noting that this is an
advisory board which will look at banking services and investment services in addition
to its general duties. He spoke on the general fund and utility fund, noting the Towns
debt issues. The next meeting will include an auditor presentation.
The Board reviewed the year end financials and the year end budget transfers with
MOTION being made by MR. NEWILL/MR. PHILOSOPHOS to recommend to the Town
Commission, approval of budget transfers. MOTION met with unanimous approval.
The Board reviewed the financials for first quarter of fiscal year 03/04.
ADJOURNMENT
With no further business to come before the Board, MOTION to adjourn was made by
MR. TELLERIMR. DeMARCO.
Financial Advisory Board
• January 27, 2004 Page 2 of 2
APPROVAL:
Alan Teller, V-Chair
•
Anthony Philosophos
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